5280 Magazine – May 2018

100 |^5280 |^ MAY 20^18

From top: Amy Covington/Stocksy; iStock

T

hese days, the story of purchasing a

home in the Mile High City follows a

familiar narrative: In Act One, preap-

proved hopefuls are full of optimism,

imagining their growing family thriv-

ing inside a charming Denver Square

or bungalow. hen comes Act Two, when the

wannabe buyers’ fantasies implode after visiting

open house after open house, their above-asking-

price bids tossed aside by sellers receiving cash

ofers. Act hree inds our desperate protagonists resigning themselves to paying

more than expected for a house that—because it’s smaller, or in a dicier zip code, or

less quaint than they’d envisioned—deinitely isn’t the home of their dreams.

We’ve all heard this tragic account. And many of us can empathize with our

friends, colleagues, and neighbors. But it’s time we reconcile with our real estate reality.

hat’s not to say we have to like the ballooning cost of homeownership in Den-

ver. Housing prices here have risen between 9.5 and 11 percent annually for the past

six years, and there’s no correction in sight. However, accepting the fact that we live

in a tight market in one of the costliest cities in the country (13th, according to the

National Association of Realtors) means we need to let go of the fairy tale and get

real about inding a desirable house in a suitable neighborhood and molding it to it

our needs—without having to hock a kidney to aford it.

To that end, we spoke with brokers, interior designers, and market special-

ists to uncover the secrets to surviving Denver’s buyer-hostile housing bazaar.

DITCH THE WHIP

If you can satisfy (or, at least, mostly
satisfy) your transportation needs
by using light rail, buses, and your
bike, you’ll save $1,359, based on
the average annual car insurance
rate in Colorado alone—gas and
car payment not included.

LET YOUR GARDEN GROW

A 600-square-foot garden in your

backyard can trim your produce

bill by more than $500 each

year, according to the National

Gardening Association. Yes, that’s

huge, but smaller gardens will still

save you plenty of seed money.

CUT CABLE

The average annual cable

bill: more than $700 a year. A

standard annual

Netflix tab: $132.

See ya later,

Comcast.

TAKE THE ENERGY AUDIT

Air escaping from your house

might as well be dollar bills. Xcel

Energy will inspect your insulation,

analyze your utility bill, and make

recommendations. Following its

advice could save between five and

30 percent on your monthly bill.

heir insider tips and tricks should ease trans-

plants’ stress as they house hunt in a more

expensive city than they’re accustomed to;

help new homeowners expand storage space

with ingenious design moves; and encourage

would-be buyers to widen their search param-

eters to include neighborhoods and housing

options they may not have otherwise consid-

ered. Because while griping about the Denver

housing market to friends, family, and random

strangers may be cathartic, wouldn’t you rather

relate the story of how you overcame the city’s

housing hurdles to land a perfectly imperfect

place to call home?

Once upon a time in a land

called Denver, there lived

thousands of people who just

wanted to buy a damn house.

BOOST YOUR

BUDGET

You’re going to spend more on your house than you anticipated. It’s inevitable.

But you can always make more room for your mortgage by shedding other

expenses. These four sacrifices can cut thousands from your annual outlay.